Canada Weekly Rig Count Down 17 to 88

May WTI Crude Oil Futures, Daily Chart

May WTI Crude Oil Futures, Daily Chart

West Texas Intermediate crude for May delivery was up 80 cents, or 1.3%, at $60.10 a barrel, little changed from its level ahead of the data. The high water mark for oil rigs reached 888 in November 2018.

Gas rig count 190 vs 192 last week. This week's numbers represent the largest weekly rig cut in three years.

Sri Lanka's star cricketer arrested for drunken driving accident
Though the victim sustained minor injuries the cricketer was apparently under the influence of alcohol when the accident occurred. Sri Lanka Test captain Dimuth Karunaratne was reportedly arrested for drunk driving in Colombo on Sunday morning.

The number of rigs operating in US oil fields fell by eight to 816 this week, and more than half of them were located in the Permian Basin region of western Texas and southeastern New Mexico. Current activity is almost even with that of one year ago, and today's rig count is only up 13 year-over-year. Global supply in February was 99.15 million bpd, according to OPEC. The U.S. Energy Information Administration says the U.S. will produce a record 12.4 million bpd of oil in 2019 and up that to 13.2 million bpd in 2020.

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